For investors in New York, in Puerto Rico and throughout the world, new opportunities can be advantageous. While many investments are positive and allow people to raise their net worth, others leave them vulnerable to be taken advantage of by unscrupulous people who are either in or claim to be in the financial industry. Financial misconduct and coercing people into making unsuitable investments is prevalent. Victims and potential victims must be aware of their vulnerability and take steps to hold transgressors accountable to try and get their money back.
Illegal activity abounds with cryptocurrency
Given that cryptocurrency is so relatively new and is increasing in popularity, it is also creating fertile ground for scams that ensnare unsuspecting people. According to the Federal Trade Commission (FTC), from October 2020 to the present, victims have lost a minimum of $80 million to scammers based on cryptocurrency. That is 10 times more than the previous year.
Examples include an elderly woman who responded to an email about fraudulent activity in her PayPal. She was coerced into purchasing Bitcoin and to share her bank accounts. She lost more than $12,000 in withdrawals because of it. Alleged fraudsters use charities and crypto trading platforms to further their scams and give themselves the air of legitimacy so people are more willing to believe the sales pitch. This is happening all over the world and people are left recovering a fraction of what they lost as part of these illegal behaviors.
Legal assistance with financial misdeeds might be needed
Many established investment companies and banks are involved in cryptocurrency. It is understandable given how it is growing exponentially as a means of investment and for purchases. Unsuitable investments are referred to as such for a reason – people should know what they are getting into beforehand and the entire process can be confusing. The landscape is largely difficult to regulate and legislators are trying to corral it while seeking to protect consumers.
It is unfortunate that whenever there is money to be made, even legitimate brokers and financial institutions will be unable to resist the temptation to use underhanded means or even indulge in outright illegality. For assistance in addressing these issues and trying to recover what was lost, having legal representation can assess the case and take the necessary steps to try and pursue those who have used illegal means for financial gain.